Custom Duty
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Budget 2017: Amendment in Section 46, 47 & 27 of Customs Act
Rate of exchange of conversion of foreign currency WEF 03.02.2017
Union Budget 2017- Highlights of Custom Duty Proposals
Custom Duty Notification to carry out Budgetary changes
Notification reducing custom duty on certain machinery
SAD exemption on Catalyst for use in manufacture of cast components of WOEG
Budget 2017 imposes 15% Export duty on ‘Other aluminium ores, including laterite’
Union Budget 2017: Key Changes in Custom Duty
Budget 2017: Reduction in duty on Renewable Energy Sector and Cashless Transaction Devices
Budget 2017 Chapter wise changes relating to Customs
Notification No. 08/2017-Customs (N.T.) dated 31.01.2017
Notification No. 5/2017-Customs (N.T./CAA/DRI) dated 31.01.2017
Notification No. 4/2017-Customs (N.T./ CAA/ DRI) dated 30.01.2017
Reduce customs duty on chilled & frozen sea food and poultry
Latest Custom Duty News
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Custom duty is an indirect tax which is applicable on goods which are imported into India and a few goods which are exported out of India. Globally, countries levy custom duties over import and export of goods for raising revenue and also for shielding their domestic companies from competitors from several other countries. Custom duty in India is imposed on almost universally all the goods which are imported into India. Export duties are imposed on few goods as provided under Second Schedule. These duties are not imposed on few items such as lifesaving drugs or equipment, food grains, fertilizers etc. Import duties are divided into basic duty, true countervailing duty, additional customs duty, protective duty, anti-dumping duty and education cess.
Customs duty in India is imposed according to the value of the goods or their weight, dimension and other various criteria as per the goods. Where the duties are based on goods value, then the custom duties are known as ad valorem duties, and where the duty is based on quantity or weight, the duties are known as specific duties.
Customs Act, 1962 empowers the government of India for levying customs duty, prohibiting import and export of goods, framing policies for exporting and importing and penalties, offences etc. All the matters which are related to custom duty comes under the CBEC (Central Board of Excise & Customs). The Central Board of Excise & Customs also formulates policies with respect to custom duty rate, smuggling prevention and administrative decisions that are related to customs formations.
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